UKX

Sterling Rises as Pessimism Over UK Economy Eases

0727 GMT - Sterling gains and is the third best-performing G10 currency in March after the Japanese yen and Swiss franc, boosted by a reversal of some investor pessimism towards the U.K. economy, MUFG Bank says. The U.K. economy's resilience is keeping pressure on the Bank of England to raise interest rates, MUFG currency analyst Lee Hardman says in a note. Meanwhile, BOE Governor Andrew Bailey on Tuesday provided reassurance that U.K. banks are well placed to support the economy. "The comments leave open the possibility of one further 25 basis points hike at the next Monetary Policy Committee meeting on May 11," Hardman says. GBP/USD rises 0.3% to 1.2326 and EUR/GBP falls 0.2% to 0.8773.(renae.dyer@wsj.com)

COMPANIES NEWS:

Diageo Names Debra Crew as CEO as Ivan Menezes Retires

Diageo PLC on Tuesday said its Chief Executive Ivan Menezes intends to retire after 10 years in the role, and will be replaced by current Chief Operating Officer Debra Crew.

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Ocado Backs FY 2023 Views After 1Q Retail Revenue Rose on Higher Orders

Ocado Group PLC said Tuesday that first-quarter sales of Ocado Retail Group, the joint venture it co-owns with Marks & Spencer Group PLC, rose and that guidance for fiscal 2023 remains unchanged.

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Halma Buys FirePro for EUR150 Mln

Halma PLC said Tuesday that it has bought aerosol-based fire suppression system company FirePro for 150 million euros ($162 million).

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John Wood 2022 Revenue Rose; Adjusted Earnings at Top End of Guidance

John Wood Group PLC said Tuesday that 2022 revenue rose while adjusted earnings were at the top end of guidance.

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Personal Group Swung to 2022 Pretax Loss on Impairment Charge

Personal Group Holdings PLC said Tuesday that it swung to a pretax loss in 2022 due to an impairment charge, but revenue rose thanks to growth across business areas.

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A.G. Barr FY 2023 Pretax Profit Rose; Sees Short-Term Margin Hit Ahead

A.G. Barr PLC said Tuesday that pretax profit for fiscal 2023 rose driven by robust sales growth but warned that margins are expected to be hit by several factors in the short-term.

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S&U FY 2023 Pretax Profit Fell; Sees Good Current Trading

S&U PLC on Tuesday reported a lower pretax profit for fiscal 2023 despite growing revenue and said current trading is good.

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Nanoco 1H Revenue Rose, Loss Flat; Expects Orders by End 2023

Nanoco Group PLC said Tuesday that revenue rose in the first half of its fiscal year, its pretax loss was flat and that it expects orders for its commercial-production materials by the end of 2023.

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Softcat Sees FY 2023 Ahead of Views Despite 1H Pretax Profit Slip

Softcat PLC said Tuesday that pretax profit fell on the back of lower revenue and higher expenses, but raised its dividend payout and expects performance of fiscal 2023 to be ahead of its expectations.

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United Utilities Expects FY 2023 Revenue, Performance Payment to Miss Guidance

United Utilities Group PLC said Tuesday that it expects its fiscal 2023 revenue and a performance-related payment to miss guidance.

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Team17 2022 Profit Fell Slightly After Acquisition Costs; CEO to Depart

Team17 Group PLC said Tuesday that pretax profit fell slightly in 2022 as acquisition-related costs jumped, and that Chief Executive Debbie Bestwick plans to step down once a suitable successor can be found.

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Unbound Group in GBP6.8 Mln Takeover Talks With WoolOvers Group

Unbound Group PLC said Tuesday that it is in talks with WoolOvers Group Ltd. over a potential 6.8 million pound ($8.4 million) takeover that it would be minded to recommend to shareholders if a firm offer is made.

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Bellway 1H Pretax Profit Fell on Safety Expense, Initiates Buyback

Bellway PLC said Tuesday that its pretax profit for the first half-year ended Jan. 31 fell, but revenue rose thanks to an increase in average selling prices and it is launching a share buyback program.

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Journeo 2022 Pretax Boosted by Fleet Sales, Customer Investment

Journeo PLC said Tuesday that 2022 pretax profit rose, boosted by higher fleet sales and an increase in investment by bus operators, but that pressure on global supply chains is likely to persist well into this year and beyond.

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Mortgage Advice Bureau Sees 2023 in Line With Views

Mortgage Advice Bureau (Holdings) PLC on Tuesday posted a lower pretax profit for 2022 despite higher revenue, and said that it sees 2023 in line with expectations as it anticipates a stronger second half of the year.

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Marlowe Sees FY 2023 in Line With Market Views, Expects Further Revenue Growth

Marlowe PLC said Tuesday that performance for fiscal 2023 is expected to be in line with market expectations, supported by an accelerating revenue growth.

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Xaar 2022 Profit Fell as Some Units Book Losses, Revenue Rose

Xaar PLC said Tuesday that pretax profit fell in 2022 as it booked some losses in business units, but that revenue rose.

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Pennpetro Energy to Raise GBP1.5 Mln; Shares Fall

Shares in Pennpetro Energy PLC fell Tuesday after it said that it will raise 1.5 million pounds ($1.8 million) via a discounted placing and a subscription, and that it will use proceeds to fund its share of a first production well in Texas.

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Eleco 2022 Pretax Profit Fell Amid Transition to Software-as-a-Service Model

Eleco PLC said Tuesday that its 2022 pretax profit and revenue fell as the company transitions to a software-as-a-service business.

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Corcel Raises GBP1.1 Mln Via Premium Placing With New Investor Group

Corcel PLC said Tuesday that it is raising 1.1 million pounds ($1.4 million) via a premium share placing with a group of new investors and will use the money toward acquisitions and for working capital.

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Petershill Partners Swung to 2022 Pretax Loss; to Launch $50M Buyback

Petershill Partners PLC on Tuesday posted a swing to pretax loss as it reported its first full year of results since listing in London in September 2021, and said it intends to launch a new $50 million share buyback in 2023.

MARKET TALK:

Ocado Gaining Share in a Declining Market, Shore Says

0739 GMT - Ocado Retail's 1Q update shows the business will be barely profitable, Shore Capital analysts Clive Black and Darren Shirley say in a note. The online grocer reported 1Q 3.4% sales growth against a weak comparative, they say. However this is far from positive because Ocado has been gaining share in the now demonstrably smaller-than-peak pandemic U.K. online grocery market, so notably losing market share overall, they add. "We expect much stronger sales from M&S Food in 4Q and other store-based players with the exception of Morrisons and Waitrose," they say. (michael.susin@wsj.com)

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Diageo's CEO Departure Is a Meaningful Loss, RBC Says

0739 GMT - Diageo Chief Executive Officer Ivan Menezes's retirement and replacement by current Chief Operating Officer Debra Crew had been widely expected but seen as a meaningful loss for the group, RBC Capital Markets James Edwardes Jones and Emma Letheren say in a note. The London-based maker of Johnnie Walker Scotch whisky was in poor shape when Menezes took over to become one of the most impressive companies to cover, they highlight. On the other hand, Crew has an extensive background in consumer staples but is something of an unknown quantity, they add. (michael.susin@wsj.com)

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United Utilities' Lower Guidance Is Offset by Tax Charge Changes

0732 GMT - Although United Utilities lowered 2023 revenue guidance by around GBP18 million, this is partially offset at the bottom line by changes in the tax charge,RBC Capital Markets analyst Alexander Wheeler says in a note. Management has guided for a tax credit in the GBP15 million to GBP25 million range, compared with previous guidance of a tax charge in the GBP5 million to GBP10 million range, Wheeler says. Furthermore, the company has said the change to revenue guidance is a timing effect and will be recovered in future periods, he says. RBC rates the stock sector perform and has a 1,100 pence target price. Shares are down 1.7% at 1,018 pence. (anthony.orunagoriainoff@dowjones.com)

Contact: London NewsPlus, Dow Jones Newswires;

(END) Dow Jones Newswires

March 28, 2023 03:56 ET (07:56 GMT)

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